Savings Goal Calculator
Figure out how much to save each month to reach a savings goal by a target date.
Calculator
Monthly contribution needed
$232.38
Total contributions
$9,365.77
Interest earned
$634.23
Projection
What is savings goal?
A savings goal calculator tells you the monthly contribution needed to reach a target amount by a specific date, accounting for interest earned.
Example
To save $10,000 in 3 years at 4% interest, you need to save about $258 per month.
Money-saving tips
- •Set up automatic transfers so saving happens without willpower.
- •Round up your monthly target to reach the goal faster.
- •Use a separate account for each goal to track progress.
Common mistakes
- •Forgetting to account for inflation in long-term goals.
- •Setting unrealistic monthly targets that you abandon.
Financial definitions
- Sinking fund
- Money saved gradually for a known future expense.
Frequently asked questions
Related calculators
Savings Growth Calculator
See how your savings grow over time with regular contributions and compound interest.
Emergency Fund Calculator
Estimate how much you need in an emergency fund based on your monthly expenses and target months of coverage.
Compound Interest Calculator
Calculate how compound interest grows your money over time with optional regular contributions.
Interest Calculator
Calculate simple or compound interest on any amount.
Estimated reading time: 4 min